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was talking about to manage overproduction. it was during the clinton administration after the u.s. joint the wto that the very controversial 1996 farm bill passed. that is a legislation that completely did away with the remaining new deal protections and it deregulating what had already begun in the 1950s and stopped all government intervention in commodity markets and eliminated all the final -- of the programs like the grain reserve and the most immediate result after that bill passed, those of you who are old enough, it was called freedom farm:farmers quickly started calling it freedom to failed. the most immediate result of the legislation was the dramatic increase in the production of commodities. all of the programs that kept the marginal land out of production which is really good for the environment were now being planted from fence row to fence row. by 1999 the price of corn was 50% above 1996 levels. fifty% below 1996 levels and full was down 41% and farmesoy was down 41% and farmers were in major economic distress. lobbying and policymakers didn't address these problems by rei
democrats. it is coming. obviously clinton and obama late out at least their initial thoughts. none of the three laid out enough. i have written speeches how we should get out in the interest of time, i will go to your first question, general david petraeus. on the face of those selections by secretary gates they were ok, general david petraeus was a very impoverished general, very smart general, he knows that area. secretary gates and the president deserved the commanders that they want to. in my 12 years as senator i only loaded against one cabinet nominee and unless the cabinet nominee is so bad and so beyond the ability to resuscitator rehabilitate i always give the president the benefit of the doubt. the president deserves his team. general david petraeus is a good choice. got remember something about the army or the service. the foreign service like many of you, the war is not general david petraeus's war, it is the president's war and the military, all the people who work in the government follow the policy of the elected civilian government. they can give their opinions and
. the really big event actually happened in september 1999. bill clinton who was president at the time made it mandatory, he said, okay, freddie mac and fannie mae. you have to have at least half your loans and affordable housing. that was a very dramatic announcement because of the size of fannie and freddie. an article in "the new york times" identified the involvement in this issue. freddie and fannie were so vague that there is no way they can meet this goal without reducing lending standards. so if they had achieved that goal, they would be taking so much risk and that could happen and they are so big that they could take out the whole u.s. financial system. nine years later, it happened. when they fail, they owed $5 trillion and they had $2 trillion in subprime mortgages. even before they failed, they were leverage 1000 to one. that means they had $8000 of that for every dollar. so the only way to do that is if the government guarantees your debts, not exactly what was going on. this is something that is way underestimated. you have the dominant player and has over half the market dri
thing i worry about is the threshold. go back to 1998. president clinton launched missiles based on the intelligence from the embassy blown up in east africa and launched missiles to afghanistan. they hit target and if you had asked any of us in the room the next morning whether america was in war, i trust that all of us would have said no. we fired the missiles but we're not at war. if you asked people near the impact of the missiles they have a different view. and so the danger is it can potentially lower the willingness to use force and not think of it as a war. and yet you build up enemies. you build up people who think they're at war with you. when did al qaeda go to war with united states and the average answer is 9/11. al qaeda declared war against the united states in 1996. most of us didn't get the memo. but they attacked the cold, the attacked east africa. they were at war with this. there's danger when one side is at war and the other isn't. the danger of the technology is that any time you can sit back and do something to somebody else, you don't necessarily feel. if
happened on september 9th 299. for bill clinton, president at the time made it mandatory, although it's gone back two years and he said okay, freddie mac and fannie mae, to government-sponsored enterprise have half-year loss of affordable housing, i.e. subprime lending. that was a germanic announcement because of the size of freddy and fannie. there was an article in "the new york times" identified the risk involved in this issue in a sad lesson, freddie and fannie are so big that there's no way they can meet this goal without radically reducing mining standards and home mortgage business. for legitimate affordable housing market is not that big. if they achieve that goal, they'll take so much risk that freddie and fannie can get in financial trouble and that could have been in 10 years. they are so big they can take out the whole u.s. financial system. nine years that have been. we have $5 trillion had $2 trillion in subprime mortgages. even before they failed, they were leveraged 1000 to one. that means that a thousand dollars in debt. and it's like having a net worth of $10,000 in
is the threshold. quÉbec in 1998. president clinton who launched tomahawk missiles based on the intelligence from the embassies brought up in east africa in a lunchtime hot missiles in sudan to afghanistan and they hit targets. if you have tenuous in the next term the next morning for work, all of us would've said no. we fired some tomahawk missiles were not a word. if u.s. people near the impact of this tomahawk missiles, they'd have a different view. so the dangerous it can can lower the willingness to use force cannot think of it is water and yet you build up people at war with you. when did al qaeda go to war with united states? the average answer is 9/11. al qaeda declared war against the united states in 1996. most of us didn't get the memo, but they attacked the cold come east africa. they were at war with us. there's always a danger when sunset is at war in both ways. so the danger in all this technology in cyprus got the same potential. anytime you can sit back in relative safety and do something to somebody else come you don't necessarily feel it. if your son or daughter is going into t
Search Results 0 to 5 of about 6